McCormick & Company, Incorporated (NYSE:MKC) Issues FY 2024 Earnings Guidance

McCormick & Company, Incorporated (NYSE:MKC) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided EPS guidance of 2.800-2.850 for the period, compared to the consensus EPS estimate of 2.860. The company issued revenue guidance of $6.5 billion-$6.7 billion, compared to the consensus revenue estimate of $6.7 billion. McCormick & Company, Incorporated also updated its FY24 guidance to $2.80-2.85 EPS.

McCormick & Company, Incorporated Price Performance

Shares of McCormick & Company, Incorporated stock opened at $70.94 on Friday. The stock has a market cap of $19.04 billion, a price-to-earnings ratio of 25.89, a price-to-earnings-growth ratio of 3.71 and a beta of 0.74. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.30 and a current ratio of 0.69. The stock has a 50 day moving average price of $72.19 and a 200-day moving average price of $70.17. McCormick & Company, Incorporated has a one year low of $59.13 and a one year high of $90.83.

McCormick & Company, Incorporated (NYSE:MKC) last announced its earnings results on Thursday, June 27th. The company reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.10. McCormick & Company, Incorporated had a net margin of 11.07% and a return on equity of 14.63%. The business had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.63 billion. During the same quarter in the prior year, the firm posted $0.60 earnings per share. The business’s revenue for the quarter was down 1.0% on a year-over-year basis. Equities analysts expect that McCormick & Company, Incorporated will post 2.84 EPS for the current year.

McCormick & Company, Incorporated Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 22nd. Stockholders of record on Monday, July 8th will be issued a $0.42 dividend. The ex-dividend date is Monday, July 8th. This represents a $1.68 annualized dividend and a dividend yield of 2.37%. McCormick & Company, Incorporated’s payout ratio is 61.31%.

Analyst Upgrades and Downgrades

MKC has been the subject of several research reports. Barclays boosted their price objective on shares of McCormick & Company, Incorporated from $71.00 to $76.00 and gave the company an equal weight rating in a research report on Thursday, March 28th. Argus raised McCormick & Company, Incorporated from a hold rating to a buy rating and set a $88.00 price objective on the stock in a research note on Tuesday, April 2nd. Citigroup raised McCormick & Company, Incorporated from a sell rating to a neutral rating and lifted their target price for the company from $68.00 to $69.00 in a research report on Wednesday, June 12th. TD Cowen dropped their price target on McCormick & Company, Incorporated from $75.00 to $73.00 and set a hold rating on the stock in a research report on Monday, June 24th. Finally, Stifel Nicolaus lifted their price objective on McCormick & Company, Incorporated from $70.00 to $75.00 and gave the company a hold rating in a report on Wednesday, March 27th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of Hold and an average target price of $76.25.

Insider Buying and Selling

In other McCormick & Company, Incorporated news, insider Katherine Jenkins sold 1,726 shares of McCormick & Company, Incorporated stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $74.35, for a total value of $128,328.10. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other McCormick & Company, Incorporated news, Director Patricia A. Little sold 20,000 shares of the stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $75.57, for a total value of $1,511,400.00. Following the completion of the sale, the director now directly owns 24,732 shares in the company, valued at $1,868,997.24. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Katherine Jenkins sold 1,726 shares of the firm’s stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $74.35, for a total value of $128,328.10. The disclosure for this sale can be found here. Insiders sold a total of 104,458 shares of company stock worth $7,747,114 in the last 90 days. 22.90% of the stock is owned by corporate insiders.

McCormick & Company, Incorporated Company Profile

McCormick & Company, Incorporated manufactures, markets, and distributes spices, seasoning mixes, condiments, and other flavorful products to the food industry. It operates in two segments, Consumer and Flavor Solutions. The Consumer segment offers spices, herbs, and seasonings, as well as condiments and sauces, and desserts.